Mike’s Morning Brief – September 15, 2016

Mike’s Morning Brief: A fast-break rundown of what’s going on.

Market opens in the green, looking to find some footing around 2120 on the S&P and DOW 18K.  Those are the first line support levels near-term.  If they break, which they most likely will, a band around 2040 S&P comes into focus.  That’s right at the break-even point on the year.  It was breached temporarily after Brexit.  It’s about 4% away from current levels.  So far, the S&P is just 3% from all-time highs.  Both the DOW and S&P have fallen 5 of the last 6 days.  The Bank of England is holding a meeting on interest rates today.  The Fed meets next week to decide on rates.  Central banks continue to play a major role in global markets.  Mixed economic data this morning is supporting the no hike next week.  Interest rates are higher though, with the 10-Year Treasury yield above 1.7%.  Apple has been very strong this week, bucking the overall trend, and clearing $110 again.  Crude is higher in early trading, after a couple of tough days.  The Dollar is stronger while Gold ticks down in early trading.  Keep those belts buckled.

Have a great day,

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